REG - Xtract Resources plc - Bushranger Project Assay Results

Xtract ResourcesAnnouncement

21/03/2022 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220321:nRSU3659Fa&default-theme=true

RNS Number : 3659F  Xtract Resources plc  21 March 2022

 

For immediate release

21 March 2022

 

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project Assay Results

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to
advise that independent laboratory assays have been received for drill holes
BRDD-021-026 and BRDD-21-027 from the Phase 2 diamond drilling programme at
the Bushranger copper-gold exploration project.

 

Highlights

 

·    Drillhole BRDD-21-026, drilled at depth in the central portion of the
Racecourse mineralised porphyry, has returned several intervals of copper and
gold mineralisation from 154m to 640m downhole which offer significant
potential to extend the Racecourse mineralisation to depth in an area with no
previous drilling

·    Full results are available in Table 1 below, which includes best
intercepts;

·    8m at 0.99% CuEq from 402m downhole depth

·    36m at 0.31% CuEq from 314m downhole depth

·    138m at 0.21% CuEq from 464m downhole depth

·    Drillhole BRDD-21-027 tested the southerly extension of the
Racecourse mineralised porphyry and returned an interval of 16m at 0.32% CuEq
from 340m depth

·    Both drillholes have returned notable gold intercepts which will be
modelled to signify their importance, including 8m at 0.94g/t Au (+0.42% Cu)
from 402m depth in hole BRDD-21-026

Colin Bird, Executive Chairman said: "We are pleased to report complete assays
from two further holes. Hole number BRDD-21-026 was a very good hole in that
it extended mineralisation to depth in a sparsely drilled area. In reviewing
the new results from the current geophysical programme it would suggest that
hole BRDD-21-027 was not ideally located relative to geophysical anomalies and
we appear to have drilled through the outer margins of the porphyry."

Phase Two Bushranger Prospect Assay Results

Table 1 - Assay Results from Drill Hole BRDD-21-026*

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-026  224       248     24            0.26      0.05      1.75      0.31
              314       350     36            0.07      0.39      0.51      0.31
 Including    330       350     20            0.07      0.57      0.54      0.42
              402       410     8             0.42      0.94      1.65      0.99
              464       602     138           0.19      0.03      0.02      0.21
 Including    470       492     22            0.22      0.20      0.00      0.34
 and          516       542     26            0.31      0.00      0.00      0.31
              634       640     6             0.42      0.00      0.00      0.42

 

*Assays undertaken by Bureau Veritas Minerals Pty. Ltd. Laboratory, Adelaide,
Australia

**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg (g/t)

 

 

Table 2 - Assay Results from Drill Hole BRDD-21-027*

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-027  340       356     16            0.17      0.22      2.10      0.32

 

*Assays undertaken by Bureau Veritas Minerals Pty. Ltd. Laboratory, Adelaide,
Australia

**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg (g/t)

 

 

Drillhole BRDD-21-026 was drilled at an inclination of -60 degrees towards the
east and completed at a final depth of 678.4m. The hole was drilled into the
side of the Racecourse porphyry body in the main central zone of the deposit
and was designed to test for the extension of mineralisation at depth beneath
drill hole BRDD-21-001 in an area with no previous drilling. The assay results
confirm significant potential for depth extension of mineralisation. Of
particular interest are several zones of gold enhancement through the central
part of the hole. These gold intercepts, along with those returned in other
holes of the current programme, will be modelled as part of an updated Mineral
Resource estimate.

 

Drillhole BRDD-21-027 was drilled towards the west at an inclination of -80
degrees and competed at a final depth of 580m. The hole was designed to target
the southeasterly extension of the Racecourse porphyry, however it appears
that the hole may have passed over the top of the main porphyry. Modelling of
new MIMDAS survey data will be used to guide additional drilling in this area.

 

 

 

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/3659F_1-2022-3-20.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3659F_1-2022-3-20.pdf)

 

Bushranger Drill Hole BRDD-21-026 Cross Section

 

http://www.rns-pdf.londonstockexchange.com/rns/3659F_2-2022-3-20.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3659F_2-2022-3-20.pdf)

 

 

Further information is available from the Company's website which details the
company's project portfolio as well as a copy of this
announcement: www.xtractresources.com

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").

 

The person who arranged for the release of this announcement on behalf of the
Company was Colin Bird, Director.

 

 

 

 

Enquiries:

 

 Xtract Resources Plc                               Colin Bird,          +44 (0)20 3416 6471

                                                    Executive Chairman   www.xtractresources.com (http://www.xtractresources.com)

 Beaumont Cornish Limited                           Roland Cornish       +44 (0)207628 3369

 Nominated Adviser and Joint Broker                 Michael Cornish      www.beaumontcornish.co.uk (http://www.beaumontcornish.co.uk)

                                                    Felicity Geidt

 Novum Securities Limited                           Jon Belliss          +44 (0)207 399 9427

 Joint Broker                                       Colin Rowbury        www.novumsecurities.com

 

Qualified Person:

Information in this announcement relating to the exploration works has been
reviewed by Edward (Ed) Slowey, BSc, PGeo, a consultant to Xtract. Mr Slowey
is a graduate geologist with more than 40 years' relevant experience in
mineral exploration and mining, a founder member of the Institute of
Geologists of Ireland and is a Qualified Person under the AIM rules.  Mr
Slowey has reviewed and approved the geological content of this announcement.

 

Qualified Person:

In accordance with AIM Note for Mining and Oil & Gas Companies, June 2009
("Guidance Note"), Colin Bird, CC.ENG, FIMMM, South African and UK Certified
Mine Manager and Director of Xtract Resources plc, with more than 40 years'
experience mainly in hard rock mining, is the qualified person as defined in
the Guidance Note of the London Stock Exchange, who has reviewed the technical
information contained in this press release.

 

TECHNICAL GLOSSARY

The following is a summary of technical terms:

 

 "Ag"                         Silver
 "Au"                         Gold
 "Cu"                         Copper
 "CuEq"                       Copper equivalent grade, calculated using assumed metal prices for copper,
                              gold and other metals
 "Inferred Mineral Resource"  That part of a Mineral Resource for which quantity and grade (or quality) are
                              estimated on the basis of limited geological evidence and sampling. Geological
                              evidence is sufficient to imply but not verify geological and grade (or
                              quality) continuity. It is based on exploration, sampling and testing
                              information gathered through appropriate techniques from locations such as
                              outcrops, trenches, pits, workings and drill holes (JORC 2012).

 "Mineralisation"             Process of formation and concentration of elements and their chemical
                              compounds within a mass or body of rock
 "Porphyry"                   A deposit of disseminated copper minerals in or around a large body of
                              intrusive rock

ENDS

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLBKKBKDBKBFNB